Attorney In Fact Requirements

Sec. 964.104. ATTORNEY IN FACT REQUIREMENTS. The attorney in fact of a captive exchange must: (1) be: (A) a corporation organized in this state; or (B) a limited liability company organized in this state; (2) on the date of the captive exchange's formation, have and maintain a power of attorney with all subscribers of the captive exchange; (3) have its principal office in this state; and (4) have at least three members in the governing body of the attorney in fact, and at least one of those members must be a resident of this state. Added by Acts 2017, 85th Leg., R.S., Ch. 1050 (H.B. 1944), Sec. 2.01, eff. June 15, 2017.